Freeport-McMoRan Q3 2024 Update

TL;DR

FCX Q3 2024: $15B revenue YTD. Copper operations detailed.

AI Summary

Freeport-McMoRan Inc. reported its third-quarter 2024 results, with total revenues for the nine months ended September 30, 2024, reaching $15.0 billion. The company's operations are segmented into North America Copper Mines, South America Mines, Grasberg, and Corporate/Other/Indonesia Smelter. Key financial and operational data for these segments are detailed within the filing.

Why It Matters

This filing provides investors with crucial financial and operational performance data for Freeport-McMoRan, a major copper producer, impacting investment decisions and market sentiment for the company and related industries.

Risk Assessment

Risk Level: medium — The company operates in the volatile mining sector, subject to commodity price fluctuations and geopolitical risks.

Key Numbers

• $15.0B — Total Revenues (YTD) (Nine months ended September 30, 2024)

Key Players & Entities

• Freeport-McMoRan Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• $15.0 billion (dollar_amount) — Total revenues for the nine months ended September 30, 2024

FAQ

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share FCX The New York Stock Exchan

Filing Documents

• fcx-20240930.htm (10-Q) — 3717KB
• a3q2024exhibit151.htm (EX-15.1) — 6KB
• a3q2024exhibit311.htm (EX-31.1) — 11KB
• a3q2024exhibit312.htm (EX-31.2) — 11KB
• a3q2024exhibit321.htm (EX-32.1) — 6KB
• a3q2024exhibit322.htm (EX-32.2) — 6KB
• a3q2024exhibit951.htm (EX-95.1) — 173KB
• fcx-20240930_g1.jpg (GRAPHIC) — 3KB
• fcx-20240930_g2.jpg (GRAPHIC) — 313KB
• fcx-20240930_g3.jpg (GRAPHIC) — 190KB
• fcx-20240930_g4.jpg (GRAPHIC) — 186KB
• 0000831259-24-000039.txt ( ) — 13750KB
• fcx-20240930.xsd (EX-101.SCH) — 40KB
• fcx-20240930_cal.xml (EX-101.CAL) — 62KB
• fcx-20240930_def.xml (EX-101.DEF) — 255KB
• fcx-20240930_lab.xml (EX-101.LAB) — 573KB
• fcx-20240930_pre.xml (EX-101.PRE) — 401KB
• fcx-20240930_htm.xml (XML) — 2452KB

Financial Information

Part I. Financial Information 3

Financial Statements

Item 1. Financial Statements: 3 Consolidated Balance Sheets (Unaudited) 3 Consolidated Statements of Income (Unaudited) 4 Consolidated Statements of Comprehensive Income (Unaudited) 5 Consolidated Statements of Cash Flows (Unaudited) 6 Consolidated Statements of Equity (Unaudited) 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 9 Report of Independent Registered Public Accounting Firm 25

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 67

Controls and Procedures

Item 4. Controls and Procedures 67

Other Information

Part II. Other Information 67

Legal Proceedings

Item 1. Legal Proceedings 67

Risk Factors

Item 1A. Risk Factors 68

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 68

Other Information

Item 5. Other Information 68

Exhibits

Item 6. Exhibits 69 Signature S- 1 2 Table of Contents

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements . Freeport-McMoRan Inc. CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2024 December 31, 2023 (In Millions) ASSETS Current assets: Cash and cash equivalents $ 5,000 $ 4,758 Restricted cash and cash equivalents 1,117 1,208 Trade accounts receivable 979 1,209 Value added and other tax receivables 570 455 Inventories: Product 2,709 2,472 Materials and supplies, net 2,328 2,169 Mill and leach stockpiles 1,406 1,419 Other current assets 436 375 Total current assets 14,545 14,065 Property, plant, equipment and mine development costs, net 37,750 35,295 Long-term mill and leach stockpiles 1,257 1,336 Other assets 1,848 1,810 Total assets $ 55,400 $ 52,506 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued liabilities $ 3,824 $ 3,729 Accrued income taxes 1,072 786 Current portion of debt 769 766 Current portion of environmental and asset retirement obligations 364 316 Dividends payable 218 218 Total current liabilities 6,247 5,815 Long-term debt, less current portion 8,910 8,656 Environmental and asset retirement obligations, less current portion 5,103 4,624 Deferred income taxes 4,492 4,453 Other liabilities 1,782 1,648 Total liabilities 26,534 25,196 Equity: Stockholders' equity: Common stock 162 162 Capital in excess of par value 23,997 24,637 Accumulated deficit ( 444 ) ( 2,059 ) Accumulated other comprehensive loss ( 273 ) ( 274 ) Common stock held in treasury ( 5,894 ) ( 5,773 ) Total stockholders' equity 17,548 16,693 Noncontrolling interests 11,318 10,617 Total equity 28,866 27,310 Total liabilities and equity $ 55,400 $ 52,506 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents Freeport-McMoRan Inc. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 (In Millions, Except Per Share Amounts) Revenues $ 6,790 $

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1. GENERAL INFORMATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.'s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the nine-month period ended September 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Dollar amounts in tables are stated in millions, except per share amounts. Cerro Verde. In September 2024, FCX purchased 5.3 million shares of Cerro Verde common stock for a total cost of $ 210 million, increasing FCX's ownership interest in Cerro Verde to 55.08 % from 53.56 %. As a result of the transaction, the carrying value of Cerro Verde's noncontrolling interest was reduced by $ 90 million, with $ 125 million recorded to capital in excess to par value, including a $ 5 million deferred tax impact. PT Smelting. In December 2023, PT Smelting completed an expansion of its facilities. The project was funded by PT Freeport Indonesia (PT-FI) with borrowings totaling $ 254 million that converted to equity effective June 30, 2024, increasing PT-FI's ownership in PT Smelting to 66 % from 39.5 %. As discussed in Note 3 of FCX's 2023 Form 10-K, FCX has determined that PT Smelting, which is owned by PT-FI and Mitsubishi Materials Corporation, is a variable inter

View Full Filing

View this 10-Q filing on SEC EDGAR